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RESOLUTION APPROVING DETAILS OF BOND SALE ON MOTION BY MRS. RINEHART, SECONDED BY MR. VAN YAHRES THE FOLLOWING RESOLUTION WAS ADOPTED BY THE FOLLOWING VOTE. AYES: MRS. RINEHART AND MR. VAN YAHRES. NOES: MR. GILLIAM (MR. FIFE, ABSTAINED). BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: SECTION 1. THERE SHALL BE, AND HEREBY IS ACCEPTED THE BID OF CRAIGIE, MASONs-HAGAN7 ]NC. VIRGINIA NATIONAL BANK FIRST & MERCHANTS NATIONAL BANK HORNER~ BARKSDALE & Co. DAVENPORT & CO. OF VIRGINIA, INC. NATIONAL BANK ~ TRUST COMPANY FOR THE PURCHASE OF THE TWO MILLION DOLLARS (¢2,000,000.00) PRINCIPAL AMOUNT OF BONDS --OF THE CITY OF CHARLOTTESVILLE~ VIRGINIA, AUTHORIZED BY AN ORDINANCE ENACTED FEBRUARY 20, 1973 ENTITLED '~N ORDINANCE AUTHORIZING THE ISSUANCE OF THE TWO MILLION DOLLARS (~2,000~000.00) GENERAL IMPROVEMENT BONDS OF THE CiTY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF ACQUIRING, CONSTRUCTING AND EQUIPPING OFF-STREET PARKING FACILITIES FOR SAID CITY; FIXING THE FORM AND DETAILS THEREOF~ PROVIDING FOR THE SALE THEREOF~ AND PROVIDING FOR THE PAYMENT THEREOF;" SAID BONDS BEING DESIGNATED IN SAID ORDINANCE AS ~ENERAL IMPROVEMENT BONDS, 1973" (THE "BONDS"), SAID BID BEING A BID OF PAR PLDS A PREMIUM OF THIRTY-FIVE DOLLARS (~,35.00) AND ACCRUED INTEREST FROM THE DATE OF THE BONDS TO THE DATE OF DELIVERY THEREOF, FOR BONOS BEARING INTEREST AT THE RATES SET FORTH IN SECTION 2 THEREOF. SECTION 2. THE BONDS MATURING IN THE YEARS SET FORTH BELOW SHALL, IN ACCORDANCE WITH THE BID ACCEPTED IN SECTION 1 ABOVE, BEAR INTEREST AT THE RESPECTIVE RATE PER ANNUM SET OPPOISTE THE RESPECTIVE YEAR~ AS FOLLOWS: YEAR OF INTEREST YEAR OF INTEREST MATURITY RATE MATURITY RATE 1974 5.00% 1984 4.50% 1975 5.00% 1985 4.60% 1976 5.00% 1986 4.65% 1977 5.00% 1987 4.70¢ 1978 5.00% 1988 4.75% 1979 4.15% 1989 4.80% 1980 4.25% 1990 4.85% 1981 4.30% 1991 4.85% 1982 4.35% 1992 4.90% 1983 4.40¢ 1993 4.90¢ SECTION 3. No USE OF THE PROCEEDS OF THE SALE OF THE BONDS SHALL BE HADE WHICH, IF SUCH USE HAD BEEN REASONABLE EXPECTED ON THE DATE OF ISSUE OF THE BONDS, WOULD HAVE CAUSED THE BONDS TO BE '~ARBITRAGE BONDS~, AS DEFINED IN SUBSECTION (D) (2) OF SECTION 103 OF THE U. S. INTERNAL REVENUE CODE OF 1954, SUBJECT TO TREATMENT UNDER SUBSECTION (D) (1) OF SAID SECTION 103. THE CITY SHALL COMPLY WITH THE REQUIREMENTS OF SUBSECTION (D) OF SECTION 103 OF SAID INTERNAL REVNUE CODE AND THE APPLICABLE REGULATIONS OF THE INTERNAL REVENUE SERVICE ADOPTER THEREUNDER~ THROUGH- OUT THE TERM OF THE BONDS. THE PROVISIONS OF THIS SECTION SHALL BE A CONVENANT WITH THE PURCHASERS OF THE BONDS. SECTION 4. THE BONDS SHALL, AS SOON AS PRACTICABLE, BE PREPARED, EXECUTED AND DELCVERED AT THE EXPENSE OF THE CITY OF CHARLOTTESVILLE~ VIRGINIA~ TO THE AFORE- SAID PURCHASERS iN ACCORDANE WITH THE PROVISIONS OF THE AFORESAID ORDINANCE AND THIS RESOLUTION AND UBCN:.!PAYMENT OF THE BALANCE OF THE PURCHASE PRICE THEREFOR. SECTION 5. THE CITY CLERK 1S HEREBY AUTHORIZED AND DIRECTED TO FILE A CERTIFIED COPY OF THiS RESOL~YION WITH THE CLERK OF THE CORPORATION COURT HAVING JURISDICTION OVER THE CITY OF CHARLOTTESVILLE~ VIRGINIA. SECTION 6. THis RESOLUTION SHALL TAKE EFFECT UPON ITS PASSAGE. ON MOTION THE HEETING ADJOURNED. 303 CLERK